(upbeat music)
- Hello everyone,
today, I'll be answering all the questions
I got from you guys over Instagram,
both the trading and non-trading related questions.
There's a lot of juicy questions,
so make sure to keep on watching.
So that starts with the trading related questions first,
I kind of categorize everything,
and the first category is,
getting started with trading.
The first question,
what was the most important part about learning trading?
So I think the most difficult part
is actually finding a direction and building the foundation.
So we can only agree nowadays,
it's not difficult to find information or videos
on YouTube or online teaching you about trading,
but most people when they started,
they would just jump from one video to a next,
one strategy to a next
without building the actual foundation of technical analysis
or risk management.
So I think most people lack structure.
It's not the fact that you don't have information,
it's a fact that you don't know the slow progression
to spilled up your foundation and slowly level up.
The next question is, how much capital to make $500 a day?
I think this is a wrong approach to ask the question.
I think you should be asking,
how much capital are you willing to risk a day?
So everyone has different risk tolerance.
So I would say if you want to start making $500 a day,
you will need enough capital to be risking,
at least 100 or 200, are you comfortable with that?
So ask yourself that question.
And if not, then, you're probably aiming too much
or risking too much money.
But as a general guide, if you are risking that,
just say $100 a day,
then you should probably be trading around
a $10,000 capital.
Your biggest ah-ha moment when learning to trade.
So I don't think there's one singular moment,
but I will say it's a slow progression,
after I made the changes to start,
actually, focus on risk management.
Before, I will always have profit goals of $50, $100,
or like the previous question, $500.
It's really once I really started looking at trading
from the risk reward perspective we talk about
and trying to keep that risk constant
as I slowly build up my account.
So always focus on the risk.
How long did it take for you to become profitable
day trading?
So my first year, I was all red,
I lost a lot of money, a lot of small accounts,
it's after a year or two, in the middle of year two
that I went from red to green.
And after that, slowly,
the progression just started slowly going up.
So I would say a year two and year three
is when I finally figured it out
to start making consistent profit.
The next few questions,
we're gonna talk about trading strategies
and how to find stocks to trade.
At what time do you enter most of your trades
for day trading?
So my preference is to trade from the open,
so that'll be 9:30 AM Eastern time
to about 12 o'clock Eastern.
I think this is a habit from my part-time trading career
when I used to trade in the morning here on the West Coast
and then go to work.
So that's my preference.
And I find that's when there's the most volatility,
most volume, and that's where the big moves are made.
So I always prefer to trade the first couple of hours
of the open.
And that brings us to a next question,
perfect follow up,
is it worth to day trade in lunch hours,
usually when there's low volume with low potential gain?
And for me, the answer is, it's not worth it.
When I first went from part-time to full-time trading,
I would make money in the morning
and then lose everything or half of it during lunchtime,
so that's how I know that I just shouldn't trade
during lunchtime.
How do you screen for stocks,
and how do you decide what stocks to trade?
So for me, I use a very simple scanner on trade ideas,
Gap Scan, and I find the stocks that's gaping up
on the day.
And how do I decide which one of those gapers
to trade as by the volume.
So I would look at the pre-market volume,
and the catalyst of why it's gaping up.
Is it earnings, is it phase one or phase two data,
or is it unrelated news?
I kind of describe trading as building a puzzle.
All of those little pieces of the puzzle
are the criteria for you to enter the trade,
and for you to watch the stocks.
So this'll be a good lesson for you
if you are a brand new trader.
There should always be layers of factors
for you to want to enter the stock,
or even watch the stock in the first place.
So keep that in mind.
The next one is not really a question,
but this person said,
I'm glad I found your YouTube channel.
And aw, thank you, I appreciate it.
What started out as a little creative side project
has grown to be so big.
And I'm so thankful to have you guys
have such a positive and supportive audience
supporting this channel,
whether you're here for the jokes,
the free beginner content,
or the more advanced material we have,
there's something here for everyone.
The next few questions we're gonna be talking about
dealing with losses from trading and reds days.
The first question, how to deal with consecutive red days.
So, this is a very emotionally draining job
when you are read for multiple days.
And I know because I've been through that myself.
And for me personally,
the best way to deal with this
is to size down or even go back to paper trading
if the losses were slowly building back up.
How do you manage your emotions in a losing trade?
A lot of in trading, the reason we get emotional
about a losing position
is often because we didn't have a plan
going into that position.
We didn't have a stop, we didn't realize we have to risk
a dollar per share rather than just 10 cents per share.
So a lot of times, that's often a result
from not having a proper plan before you enter the position.
A lot of people that just press buy,
and they get in the stock,
and they don't know what else to do
when it start reversing in their direction.
So if it's a $1 risk and your max loss is $100,
then it doesn't make sense to enter the stock
with 500 or 1000 shares.
The next few questions,
we're gonna focus on learning to day trade.
First question, is it bad to use signals or chatroom alerts.
And my answer is, absolutely.
I'm answering from my own personal experience.
The chat room alerts, yeah, sure,
you'll make $100 here today,
but tomorrow, you might lose 200.
It will be a zigzag, very rollercoaster P and L's,
mostly to the downside.
Because what alerts and signals teach you
is they teach you nothing.
Where can I learn to improve my trading?
And what is the best trading academy you would recommend?
I always recommend brand new traders
to start out with a free resources first,
especially this YouTube channel.
I have a playlist down below called
"Day Trading for Beginners."
I think that's where everyone should start
to figure out whether this is the path you wanna go into.
And once you've decided from the free materials,
that trading is something you wanna dive further into,
and learn even more,
feel free to check out the Humbled Trader Academy.
This is a structured they trading education program
I spent over one year putting together.
This includes all the step-by-step process
I have for beginners,
from trade planning, risk management,
and of course, trading strategies.
The next few questions is all gonna be about
when is it time to give up and quit day trading.
What can you advise a new trader that is about to give up?
Have you gotten angry and wanted to quit day trading
sometime in your life?
Have you ever cried and wanted to give up
after making a bit gloss?
So actually I did quit day trading twice
in my first year of day trading.
It was difficult,
I lost a lot of money and I blew up multiple accounts.
And each time I blew up, I wanted to quit.
And both times after I quit,
I still find that I'm still very drawn to the market.
I still wanna see what stocks everyone talking about,
what stocks are going from $1 to a hundred dollars.
It's only if you're truly passionate about this career,
then you will still always wanna come back
and try to redo something and fix what didn't work
last time.
So I would say, if you are in it just for the money,
most people after the initial $1,000 loss
will never come back to the market.
But it's those who truly want to kind of dive deeper
into this and solve this puzzle
and figure out their own emotional demons,
that these are gonna be the people who stick around
and come back each and every single time
after a blow up in their account
and try to fix their little strategy, their risk management,
and try to come back and figure out a way
to make this business work.
So it all comes down to passion.
If you want to quit,
you should take a break and see if you want to come back.
If you don't even think about trading
or the stock markets anymore after you quit,
then it's probably for the best.
The next topic we're gonna address
is existencial questions about day trading and life purpose.
Do you have any regrets learning to day trade?
No, absolutely not.
I think day trading is actually one of the best things
that's ever happened in my life.
So no regrets whatsoever,
I think day trading has changed me as a person
fundamentally for the better.
Once you start day trading,
you learn so much about yourself.
You learn about the ugliest side of yourself,
the greed, the anger,
and the lack of control in yourself.
And that kind of forces you to dive deeper
into your own personality,
and really, it makes you become very introspective
about the way you think,
the way you manage your emotions,
and all the deep rooted questions from your childhood
of why you are the way you are today.
Do you worry about burnout as a trader?
So I kind of talked about my career burnout
from my former VFX job in my last video.
So I did burn out really hard in that job.
I was in a really dark place, I was unhappy.
So when I made the conscious decision
to quit that job and go trading full time.
I want to make sure that if I ever feel tired from trading,
I want to always take a break.
And I really implemented that.
For most of the days, I take a break during lunchtime.
And a lot of times, even if I'm coming back
during the power hour, I don't even trade,
I just sit there and observe the market.
The reason we get into trading
is to have control of our earning potential
and have control of our time.
Besides trading, do you invest or swing trade anything?
So yes, I definitely still invest.
And I actually want to make a dedicated video
about my investment portfolio.
But the quick answer is, I invest in real estate
and the stock market, the broth markets ETFs,
and have some individual stocks, and some cryptos.
Now it's time for the fun stuff,
the non trading related questions.
Pho or ramen?
Oh man, this is a very difficult question,
don't don't make me,
I would say, ramen while I'm sober
and pho while I'm drunk.
What is the reason you wake up early
doing the things you do?
So for those who don't know, I wake up at 4:00 AM,
4:00 to 4:30 AM every single day,
my local time here in Vancouver.
And the reason I do it is because the stock market
is changing every single day.
There's always different things,
and I'm always excited to see what's happening
around the world,
what's the news, and what kind of stocks are gaping up.
So basically, you just have to love this business,
you have to love the game.
And if you truly love this game,
you're gonna stick around
whether it's a losing day or a green day.
And again, marrying my answers from the earlier question,
the only way to truly succeed in trading
is to love this business,
that's how people can recover from losses.
Otherwise, you lose 1000, 2000, then you'll be gone
if you don't love it.
What is your childhood dream?
When I was little,
I used to want to become a movie director,
and that's the reason I went to VFX,
but we both know that didn't really work out.
But I would say, this is also why I started
this YouTube channel as well,
so I can be my own director,
producer and writer of bad jokes.
What DJs did you see and follow back in the day?
Oh man!
So I went through a phase
of going to a lot of music festivals.
So I really like Armin van Buuren, I like Gaia,
I like Solarstone, Above & Beyond, Skrillex.
There's still many, Jack U when they used to be around.
So, a lot of really good DJs.
And I have to say, I miss that.
It's been a while since I've been to a music festival.
When will you come back to Taiwan?
So I usually go back every two years to visit family there.
The last time I went back was in 2020.
So the next time I think it will be in 2022, next year.
So, let me know if you want me to do a meetup in Taiwan
next year.
Top movies you like?
From the top of my mind, I can think of three,
and that will be "The Big Short," "Django Unchained,"
and "Shawshank Redemption."
So the last question is surprisingly,
the most commonly asked question on my YouTube channel
and in my Instagram,
and that is, are you single?
And let me answer this right now.
So the official answer is yes, I am single,
but I also know somebody who would get really pissed
if he hears me say that.
I hope you guys enjoy this Q&A,
there will a lot of questions
that I just didn't have time to answer.
So if you have any questions for me,
feel free to leave them in the comment section below.
And if you decide to follow me on Instagram,
my only Instagram account is humbledtrader,
spelled exactly like this.
All the other Instagram accounts with my face on it
are fake.
They're gonna ask you to send them Bitcoin
and invest or trade for you,
so please do not fall for that.
If you liked the video, please drop a like and subscribe.
Thank you guys so much for watching,
and I'll see you guys next time.
Thank you guys so much for watching.
If you want to learn more day trading content,
make sure to subscribe and check out my website
at humbledtrader.com.